Stocks are lower following the Federal Reserve’s latest monetary policy announcement.
The Fed announced that it will conclude its current QE program at the end of this month, and will keep interest rates pegged at 0%-0.25%.
Following the announcement, the Dow is down 90 points, the S&P 500 is down 14 points, and the Nasdaq is down 44 points.
The Fed’s announcement came after earlier this month, as stocks fell and bond yields dropped, St. Louis Fed President James Bullard suggested that the Fed could consider continuing its quantitative easing program.
In Wednesday’s statement, noted dove Narayana Kocherlakota dissented from the statement, saying that the Fed should, “commit to keeping the current target range for the federal funds rate at least until the one-to-two-year ahead inflation outlook has returned to 2 per cent and should continue the asset purchase program at its current level.”
The Nasdaq is the session’s biggest loser as the tech index is being dragged down by Facebook, which is off more than 6% after saying on its earnings conference call Tuesday night that 2015 would be a year of “investing aggressively” for the social network.
On the call, Facebook CFO David Wehner said that Facebook’s expenses could grow 50% to 70% next year.
In the third quarter, however, the company reported earnings and revenue that topped expectations.
Another big stock mover on Wednesday was Orbital Sciences, down more than 16% after the company’s rocket set to deliver supplies to the International Space Station exploded shortly after liftoff on Tuesday night.
No one was hurt during the incident.
Shares of Fiat Chrysler were up better than 12% on Wednesday after the company said it planned to spin off its Ferrari unit next year.